Rikvin Handles GST Singapore Application and Consultancy Services GST is also known as Value Added Tax (VAT) in many other countries, Goods and Services Tax (GST) is a

consumption tax that is levied on the supply of goods and services in Singapore and the import of goods into

Singapore. GST is an indirect tax, expressed as a percentage (currently 7%) applied to the selling price of goods and

services provided by GST registered business entities in Singapore.

GST tax is charged to the end consumer therefore GST normally does not become a cost to the company.

Businesses merely act as collecting agents on behalf of Singapore tax department.

An indirect tax imposed upon the goods and services available and imported into Singapore is the Goods and Services Tax or GST.

GST registration is mandatory upon companies and businesses with a turnover amounting more than S$1 million in the previous 12 months or if there is a valid ground to suppose that the turnover in the next 12 months shall reach more than S$1 million.

Companies may also register for GST on a voluntary basis.

“Goods and services that are taxable by GST include all types of services and goods except the exempt supply,” Rikvin begins its elaboration on the indirect tax, saying moreover that it does not include the exported goods and services.

“Activities administered by a provision by a club, association, society, management corporation or organization of the facilities or advantages available to its members or subsidiary are also deemed to be carrying on a business, and thus, must register for GST depending on their turnover revenues,” states Rikvin.

It adds: “The taxable turnover refers to the Total Value of all taxable supplies made in Singapore as consequences of a business’s operations or the furtherance of a business. It includes the value given to all standard-rated and zero-rated supplies, but excludes exempt supplies, sale of capital assets, and out-of-scope supplies.”

GST is not imposed on sales and leases of residential properties and most financial services.

Rikvin is a business solutions creator specializing in professional services needed by companies, investors, and employees. When it comes to Singapore GST , Rikvin assists by offering assessment to determine whether a company benefits more if it registers voluntarily.

“We advise a company on how to optimize its GST filing cycle. Our GST filing service can be engaged on a monthly, quarterly, and semi-annually basis,” chimes Rikvin.

Rikvin explains that companies might find it beneficial to register for GST because these companies can claim back the GST they have incurred during their business purchases.

“Companies can also claim for GST Refund in case the GST paid exceeds the GST collected,” Rikvin adds.

Almost all types of businesses can register or should register for GST. These include the sole proprietorships, partnerships, limited liability partnerships, private limited partnerships, non-profit organizations, government bodies, and Statutory boards.

Once registered, the company is authorized to collect 7% GST from every sale of a product or service made to a client. In turn, these collected taxes are remitted to IRAS.

About the Publisher:Rikvin has successfully helped foreign and local entrepreneurs form a Singapore company . The company provides complete corporate solutions to investors and entrepreneurs both local and abroad. Among its specializations are Singapore company registration , Singapore work visa and providing professional services relating to financing and compliance services.

Rikvin assures its clients of confidence in dealing with every transaction. Its employees maintain competence and above all, Rikvin’s principles adhere to business ethics and all applicable laws. Its goal is to provide a highly personalized and professional service worthy of our clients loyalty.

“Our phones are answered during business hours by specialists and not by an answering machine. We appreciate the value of your time and understand that a person cannot be replaced by technology. This is especially true when it comes to making important business decisions.”

For more information, visit:Rikvin PTE LTD20 Cecil Street, #14-01, Equity Plaza, Singapore 049705Main Lines : (65) 6438 8887Fax : (65) 6438 2436Email : info@rikvin.comWebsite: http :// www . rikvin . com /